While it is certainly possible to buy a home below market price, you shouldn't count on it. It can take a lot of determination and time to find a real bargain. But if you are adamant, here are some likely targets to pursue:
- foreclosed property
- a fixer-upper
- hard-to-sell new homes in a housing development
- tenant-in-common partnerships
In a tenant-in-common partnership, you may be able to buy a partial interest in the title to a property, which is owned by two or more individuals, because the partners often sell at a discount.
However, bargains are easier to come by in a soft real estate market, when the economy is in a recession, and when homeowners, and builders and sponsors of condominium conversions, are desperate to move unsold units.